Granite Bay Wealth Management LLC Acquires 748,200 Shares of Amgen Inc. (NASDAQ:AMGN)

Granite Bay Wealth Management LLC increased its holdings in Amgen Inc. (NASDAQ:AMGN) by 9,058.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 756,460 shares of the medical research company’s stock after acquiring an additional 748,200 shares during the quarter. Amgen makes up about 7.6% of Granite Bay Wealth Management LLC’s holdings, making the stock its 6th biggest position. Granite Bay Wealth Management LLC owned 0.14% of Amgen worth $223,897,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp grew its position in Amgen by 61.2% in the 4th quarter. Jones Financial Companies Lllp now owns 3,084 shares of the medical research company’s stock valued at $888,000 after buying an additional 1,171 shares during the last quarter. CWA Asset Management Group LLC grew its position in Amgen by 17.7% in the 4th quarter. CWA Asset Management Group LLC now owns 2,747 shares of the medical research company’s stock valued at $791,000 after buying an additional 413 shares during the last quarter. Cornerstone Advisory LLC boosted its position in shares of Amgen by 4.1% during the 4th quarter. Cornerstone Advisory LLC now owns 2,504 shares of the medical research company’s stock worth $721,000 after purchasing an additional 99 shares in the last quarter. DCF Advisers LLC boosted its position in shares of Amgen by 29.6% during the 4th quarter. DCF Advisers LLC now owns 7,000 shares of the medical research company’s stock worth $2,016,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Capital International Investors boosted its position in shares of Amgen by 45.6% during the 4th quarter. Capital International Investors now owns 1,081,354 shares of the medical research company’s stock worth $311,452,000 after purchasing an additional 338,515 shares in the last quarter. 76.50% of the stock is owned by institutional investors and hedge funds.

Amgen Stock Performance

Amgen stock opened at $322.21 on Tuesday. The stock has a market cap of $172.84 billion, a P/E ratio of 46.03, a price-to-earnings-growth ratio of 2.98 and a beta of 0.61. The company has a current ratio of 1.26, a quick ratio of 0.89 and a debt-to-equity ratio of 9.64. The stock has a 50 day moving average of $328.49 and a 200-day moving average of $308.12. Amgen Inc. has a 52 week low of $249.70 and a 52 week high of $346.85.

Amgen (NASDAQ:AMGN) last released its earnings results on Tuesday, August 6th. The medical research company reported $4.97 EPS for the quarter, missing the consensus estimate of $5.01 by ($0.04). The business had revenue of $8.39 billion for the quarter, compared to analysts’ expectations of $8.35 billion. Amgen had a net margin of 10.12% and a return on equity of 161.72%. The business’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same quarter last year, the company posted $5.00 earnings per share. On average, analysts expect that Amgen Inc. will post 19.49 EPS for the current fiscal year.

Amgen Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, August 16th were given a dividend of $2.25 per share. This represents a $9.00 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend was Friday, August 16th. Amgen’s dividend payout ratio is currently 128.57%.

Analysts Set New Price Targets

Several brokerages have commented on AMGN. Wells Fargo & Company lowered shares of Amgen from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $320.00 to $335.00 in a research report on Wednesday, August 7th. Cantor Fitzgerald assumed coverage on shares of Amgen in a research report on Friday. They issued an “overweight” rating and a $405.00 price objective on the stock. TD Cowen boosted their price objective on shares of Amgen from $360.00 to $381.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Morgan Stanley decreased their price objective on shares of Amgen from $310.00 to $303.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 11th. Finally, Bank of America boosted their price objective on shares of Amgen from $325.00 to $330.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $325.55.

Amgen Company Profile

Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for men and women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout.